If you live in Montgomery County, be prepared for a tax increase in 2011. I know, that’s a year and a half away, but start putting away those shekels now – the County is beginning real estate reassessments this month. From Montva.com:
Montgomery County Begins Real Estate Reassessments
Montgomery County has hired Wampler-Eanes Appraisal Group Ltd. to conduct the 2011 general reassessment of real estate. The appraisal firm will examine sales data and visit more than 37,000 parcels to establish fair market values for the reassessment.
Field workers will start knocking on doors on Monday, August 3 to verify information for properties sold over the past 18 months. The appraisal firm also will visit every taxable and nontaxable property in the County over the next year to verify property information, such as square feet, and number of bedrooms and baths. Field workers will have County IDs and cars marked County Reassessment.
If an owner is not present at the time of the visit, a notice will be left on the door indicating the property has been inspected. If additional data is needed or the owner has any pertinent information which can affect the value of their property, residents may call 540-381-6800 from 9 a.m. to 5 p.m. Monday through Thursday.
The County is required by the Code of Virginia to reassess properties at 100 percent of market value at least every four years. The reassessed value and the real estate tax rate are used to determine real estate tax bills. Property owners will receive notices of the new assessed values in November 2010. The reassessed property values will go into effect Jan. 1, 2011, and will remain in effect until the next reassessment.
For more information, see www.montva.com or call 540-381-6800, Monday – Thursday, 9 a.m. to 5 p.m.
A reassessment doesn’t necessarily mean that your tax value WILL go up, but I’ve not seen it go down in our area, either. A reassessment can always be disputed, and the County will publish information on that process at a later date. For now, sit tight and start checking the couch for pennies!
So there’s a cynic in there after all, huh? 🙂
So there’s a cynic in there after all, huh? 🙂
I think you’re right. Somehow they will find a way to explain how our property rate has increased, or something. Regardless, even if they come back and say your value hasn’t changed, that will just give the county or the city you live in the justification to raise the tax rate. They are going to get you one way or the other, so you might as well be ready for it. I am not bitter about it or anything though 😉
I think you’re right. Somehow they will find a way to explain how our property rate has increased, or something. Regardless, even if they come back and say your value hasn’t changed, that will just give the county or the city you live in the justification to raise the tax rate. They are going to get you one way or the other, so you might as well be ready for it. I am not bitter about it or anything though 😉
Bill, you’re right when you say that we’ve not seen a market like this. Certainly not in my memory, and you’re right – your area would not likely get what you paid two years ago. I guess the cynic in me doesn’t expect anything but increases – with the argument that the last assessments “weren’t at market value”. For as long as I can recall there’s been a difference in the NRV between market value and tax value, with market value almost always outpacing tax value, and while that gap may be closing I don’t expect it to be equal.
Ran a quick search of properties that have sold in Blacksburg and Christiansburg YTD 09 and YTD 08. Median sales price in 2009 has been $185000, with median sales price in 2008 of $189000, so we’re seeing an overall median dip of just over 2%. That’s very good, considering, it’ll be interesting to see what happens when the assessments come out.
What’s your prediction, Bill?
Bill, you’re right when you say that we’ve not seen a market like this. Certainly not in my memory, and you’re right – your area would not likely get what you paid two years ago. I guess the cynic in me doesn’t expect anything but increases – with the argument that the last assessments “weren’t at market value”. For as long as I can recall there’s been a difference in the NRV between market value and tax value, with market value almost always outpacing tax value, and while that gap may be closing I don’t expect it to be equal.
Ran a quick search of properties that have sold in Blacksburg and Christiansburg YTD 09 and YTD 08. Median sales price in 2009 has been $185000, with median sales price in 2008 of $189000, so we’re seeing an overall median dip of just over 2%. That’s very good, considering, it’ll be interesting to see what happens when the assessments come out.
What’s your prediction, Bill?
I know that you have never seen assessments go down before, but I also don’t think we’ve ever had a market like this before. I cannot imagine that the assessment could justify a increase of price in property value. I just don’t know where they would find the data to prove that argument. I know my purchase price in ’07 is not what I could fetch today.
I know that you have never seen assessments go down before, but I also don’t think we’ve ever had a market like this before. I cannot imagine that the assessment could justify a increase of price in property value. I just don’t know where they would find the data to prove that argument. I know my purchase price in ’07 is not what I could fetch today.